This invention relates to an improved hydrocracking process, and more specifically, it relates to a hydrocracking process of enhanced flexibility. Two-stage hydrocracking processes have been in use for some time (Petroleum Processing Handbook, Bland and Davidson, pp. 3-16 to 3-25, McGraw Hill). In a particular embodiment of the two-stage hydrocracking process, the yield of middle and heavy distillate (e.g., kerosene, jet fuel and diesel fuel) obtainable from a hydrocarbon feedstock is maximized by feeding to the second hydrocracking reactor the bottom fraction of the effluent from the first hydrocracking reactor which boils at about 700.degree. F. (370.degree. C.) or higher. In another particular embodiment of the two-stage hydrocracking process, the yield of naphtha (e.g., gasoline) obtainable from a hydrocarbon feedstock is maximized by feeding to the second hydrocracking reactor that fraction of the effluent from the first hydrocracking reactor which boils at about 360.degree. F. (180.degree. C.) or higher. While it is possible to operate the same two-stage hydrocracking process unit in two modes by charging the feed to the second stage hydrocracking reactor, i.e., maximizing either the middle distillate by feeding bottoms to the second stage or maximizing naphtha by feeding bottoms plus middle and heavy distillate to the second stage, in practice this is not the optimum because the increased throughput requires different hydrocracking catalyst, catalyst activity and hydrocracking conditions for efficient operation of each of these two modes of operation. U.S. Pat. Nos. 2,945,801, 3,702,818, 3,549,515 and 2,945,800 disclose the hydrocracking of hydrocarbon fractions in a plurality of stages. The present invention involves a particular combination of process steps which has for its object the maximization of the yield of either middle distillate or naphtha from the same hydrocracking process unit.